Cipher Mining, the cryptominer firm turned HPC data center developer, plans to raise $2 billion through senior secured notes to fund a data center project.

The notes, due 2031, will be used for the development of the Black Pearl facility in Wink, Texas.

The new funds will finance the remaining cost of the data center, originally planned as a cryptomine but pivoted to AI.

Some $232.5 million will be spent on reimbursing Cipher's own investment in the site, while other funds will fund debt service reserves, and pay fees and expenses.

The 300MW Black Pearl site is planned to be leased to Amazon Web Services for at least 15 years, as part of a broader deal with AWS worth $5.5 billion across a number of sites.

Cipher has also signed a lease deal with AI cloud firm Fluidstack, backed by Google. The hyperscaler also took a stake in Cipher.

Bloomberg reports that the Black Pearl Compute junk-bond sale has attracted $13bn of orders, with the five-year bond with a yield of 6.125 percent.

In November, Cipher sold $1.7 billion of five-year notes with a 7.125 percent coupon.